The original post says it is 86 Formula.

I think a video watching how it is running would tell more than one frame shot. Plus you said you are chine walking also. Which is better than bow steering. I think you should try some props and move some weight around before you go tearing it apart or spending money. It looks like it's running pretty good. Get some more seat time. Talent can is cheaper than parts. It takes way longer

You wanna try the other end of the spectrum, try an old 3 blade 23p cleaver.

I currently run a 23p mirage plus. What do all the props do?

Mirage
Mirage plus
Bravo 1
Hydro motive q4
Cleaver

I know a mplus is a bow lifter. I was going to try a q4 in spring.

My little boat is a completely different hull, but I tried a mirage and it lifts the bow nice, I can trim it up till it wobbles also torque leans the boat. , TRied a standard 23 3 blade cleaver and it would not get the bow out of the water at all, Tried a labbed mach sterndriver and get no torque lean, and can trim the bow to where ever I want it.

A Q4 is at the other end of spectrum. I would start with a Bravo 1 or Rev4.

What is your X dimension currently? I believe I read you converted over to bravo 1 from an original alpha. I'd simply look into more of a stern lift prop as mentioned. Only ones I've used and worked very well were cleavers and antimidators however you'll run more rpm at your normal cruising speed but so what if it gets rid of that porpoising. That would drive me nuts. I've never owned a boat that's done that at any speed unless way over trimmed. I'm not familiar with your bottom however pm endevour32. He had a revved up 427 in his 242 with bravo one and ran well. Make sure your trim and drive indicators are dialed in. Just raising X dimension without checking with manufacture is not recommended. Most manufactures were pretty conservative though then. However keep in mind my partner and I both had 1990 challenger 24' with close to 500 hp engines. My partner worked the factory over daily when his was built to be faster than mine. So needless to say they raised the X dimension 3/4" higher and his handling sucked. Boat needed way more trim to get top speed. Chine walked. And porpoised at lower speeds. Either of us had tabs.

Just thought I'd share that cause X dim can be very sensitive to boat characteristics and from one boat to another. See if you can borrow a couple different props that will help with stern lift. May be all you need. Also pm Mike as I mentioned. He had or maybe even still has same boat and I think year as yours.

Dont be afraid to put the tabs down a lot. Several deep V's need a lot of tab and a lot of trim. Sounds counterproductive but my boat runs fastest with 2 - 3 inches of tab (down past level) and trimmed to the moon.

I couldn't agree more and meant to tell OP same thing. I ran an old friends 25 power quest for a couple summers while he left it up north and same deal. Completely different than anything I've owned and it liked tabs down slightly.

Chances are you'll pick up at least 2-3 mph going to a clever type prop. I just read your original post again and you need to get those rpm's up closer to 5,500 which should be about perfect for a 23 clever or 23 antimidator 3 blade. You'll be amazed with what a different ride you have.